Past Call for Papers
16-17 November 2007, International Conference on Corporate Governance in Emerging Markets (Istanbul)
Hedge funds, private equity, shareholder democracy?
Labour and corporate governance in the era of financial capitalism
Workshop 2-3 July 2007, Vrije Universiteit (Amsterdam)
The Amsterdam Research Centre on Corporate Governance Regulation (ARCCGoR) organises a two-day workshop addressing some of the issues raised by the growing role of hedge funds and private equity funds on the capital markets, especially regarding the impact on the position of employees.
The debate on the activities of so-called locusts (a term covering the activities of both hedge funds and private equity funds) flared up over the past year. In the Netherlands the former Minister of Economic Affairs Joop Wijn, and more recently central bank president Nout Wellink, have raised their concern in public. But this issue is not just a national issue; it is also a European and transnational issue which is debated in nearly all countries in Europe and North America, as well as at the level of the European Union and in various international forums (e.g. OECD and IMF). The fear that the pendulum has swung too far in the direction preferred by financial interests with their short time horizon reflects what corporate governance is about in its essence: the balance of forces between the interested parties (various stakeholders and shareholders), and the economic and social consequences of shifts in this balance.
The workshop will bring together a broad range of interested participants: academics from different disciplines, but also policy advisers, public decision makers, politicians, trade unionists and activists. Panels will address national / case studies, EU level issues, transnational developments, as well as such things as employee ownership models, employee pension schemes, the impact of corporate restructuring on industrial relations etc.
Proposals for papers, including a 400-word abstract, should be sent to Henk Overbeek (hw.overbeek@fsw.vu.nl) by 30 April. Notification of acceptance may be expected by May 10, the final programme will be put together and distributed by May 21st.
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CALL FOR PAPERS
Corporate Governance in Emerging Markets
The Global Corporate Governance Forum (GCGF) and Asian Institute of Corporate
Governance (AICG) calls for:
(A) Papers to be presented in an international conference in fall 2007
(B) Early stage research papers and proposals for new research to be presented in an international workshop in spring 2008
The particulars of both events are explained below.International Conference on Corporate Governance in
Emerging Markets
Istanbul, 16-17th November 2007
GCGF and AICG call for papers to be presented at an international conference to be held in Istanbul on November 16 - 17th in 2007.
The conference will bring together researchers investigating the impact of corporate governance on emerging markets’ firms performance and economic development in general, and the roles of legal, economic and political institutions in determining corporate governance systems. The conference aims to facilitate dissemination of state of the art research on corporate governance in emerging markets, with the objective of supporting policy and practice development. To this end, the conference will provide a forum to discuss the ongoing research on corporate governance in emerging markets and
to solicit ideas from both theory and policy perspectives as to how to further improve corporate governance research. The conference will also provide an opportunity to inquire how academic research findings relate to practice in emerging markets by having leading practitioners as discussants.
The conference is expected to provide new thinking and new approaches to Corporate Governance (CG) research in emerging markets. Papers on the following topics are especially encouraged:
(1) Political power and corporate control in emerging markets, addressing questions like: How do countries’ institutional (legal, economic and political) developments relate to ownership structures and ownership concentration? What are the dynamics of ownership structures in emerging markets over long time spans and how do they relate to changes in corporate governance institutions and frameworks? What are the effects of regulations or laws that force dilution of concentrated ownership or dismantling of business groups in emerging markets?
(2) Relationship between financial sector development and corporate governance, addressing questions like: What role can pension plans, banks and other financial intermediaries be expected to play in shaping governance choices in emerging markets? What legal and economic strategies can encourage greater free float and wider ownership distribution in developing countries’ stock markets?
(3) Determinants of board compositions and the role of the board in emerging markets and implications for corporate performance, addressing questions like: Can boards in emerging markets be effective? How do blockholders choose candidates to be nominated to the board? What are the best strategies to monitor insiders in emerging markets? What are the impacts of independent directors on boards’ role and firm performance in emerging markets? What are the implications of the increased importance of private equity investors and of companies going private for corporate governance frameworks?
(4) The role of stakeholders in emerging markets and sustainable development,
addressing questions like: Should the objective of an emerging market firm be the maximization of shareholder utility? Is a broader perspective, including social objectives, more useful in emerging markets given various distortions, concentration of power and institutional weaknesses? What are the relative weights to be given to capital, product and factor (including labor) markets for disciplining emerging markets’ corporations, given their respective monitoring and disciplining roles and capacities?
(5) Corporate governance and enforcement mechanisms in emerging markets,
addressing questions like: What is the nature and means of misuse of private benefits of control in emerging markets? What legal and economic strategies can minimize minority rights expropriation and reduce private benefits? Can reputation and trust effectively substitute for strong shareholder rights? Can employee monitoring partially substitute for weak market forces? Are factor and product markets more important than corporate governance mechanisms in affecting management and governance of companies in emerging countries? How can private enforcement mechanisms be encouraged and made more effective? What are the advantages and disadvantages of using firm-level corporate governance indicators? Which governance indicators are most meaningful in an emerging market perspective?
The conference welcomes particularly comparative research comprising clusters of emerging/developing countries sharing institutional or macroeconomic similarities. (Clusters may be comprised of countries that are geographically distant such as the Commonwealth countries, BRIC, or countries with similar corporate governance reform approaches. Other possible clusters are “transition economies-Eastern Europe”, North Africa, Middle East, Southeast Asia, East Asia, Latin America, etc). While papers are
expected to be in the economics and finance fields, the conference welcomes papers from a variety of disciplines such as sociology, organizational science, law and management.
Both theoretical and empirical papers, as well as clinical studies, are welcome.
The conference will feature two keynote speakers, and invited discussion papers written by leading scholars on the following topics:
- Review of empirical research on corporate governance in emerging markets:
major findings, gaps and new research topics - Review of firm-level corporate governance indicators: their relevance, and the advantages and disadvantages of using firm-level corporate governance indicators in emerging markets
These papers will be distributed to participants before the conference.
Organizing Committee (alphabetically)
Melsa Ararat - Chair (GCGF, CGFT-Sabanci University)
Daniel Ferreira (ECGI, London School of Economics)
Kyung Suh Park (AICG, Korea University)
Jonathan Koppell (MCCGP, Yale University)
Burcin Yurtoglu (Vienna University)
Scientific Committee (alphabetically)
Daron Acemoglu (MIT)
Franklin Allen (Wharton, U-Penn)
Erik Berglof (EBRD-ECGI)
Bernard Black (University of Texas)
Brian Cheffins (University of Cambridge)
Stijn Claessens (World Bank, University of Amsterdam)
Sergei Guriev (New Economic School, Moscow)
Simon Johnson (MIT)
Bruce Kogut (Insead and Columbia University)
Ricardo Leal (Federal University of Rio de Janeiro)
Randall Morck (University of Alberta)
Enrico Perotti (University of Amsterdam)
Rajan Raghuram (IMF, University of Chicago))
Mark Roe (Harvard University)
Hasung Jang (Korea University)
Luigi Zingales (University of Chicago)
Submission deadline is March 20, 2007. Accepted papers will be announced by May 5, 2007. Travel and accommodation expenses will be paid by the organizers, subject to limits and standard rules of the sponsors. Submissions can be done online at www.gcgf.org/conf2007 or by e-mail to melsaararat@sabanciuniv.edu
_______________________________________________________________B- CALL for RESEARCH PROPOSALS
Workshop on Leading Issues in Corporate Governance
in Emerging Markets
(Tentatively in Sept 2008, final date and location to be announced)
The Global Corporate Governance Forum further calls for submission of early stage papers and new research proposals on topics which prove to have the potential to enhance the objectives of the GCGF. Proposals are due by April 20, 2007 and final selection will be announced by June 5, 2007. Selected papers will be considered for financial support and the authors will be invited for a workshop which will take place in early June 2008 at a suitable location.
We invite scholars to submit one page abstracts of their research projects that fit into the research agenda explained in the call for papers above. Authors of the proposed papers may apply for a research grant of up to USD 10,000 to support the research required to complete the paper to be presented at the Workshop. Applicants seeking such support should attach an addendum to their proposal including a description and budget for such a grant.
Selection committee will be comprised of a subset of members of the scientific
committee for the international conference above and led by Stijn Claessens. Selected proposals seeking financial support will also be assessed as per their relevance and impact on the reform process and practice development in emerging markets by a panel of distinguished practitioners. The committee and panel members will be announced at a later date.
Submission deadline is April 20, 2007. Accepted papers and proposals will be announced by June 5, 2007. Travel and accommodation expenses will be paid for by the organizers, subject to limits and standard rules of the sponsors. Submissions can be done online at www.gcgf.org/ws2008 or by e-mail to melsaararat@sabanciuniv.edu . For informal discussions, please contact Melsa Ararat.
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About the Organizers
The Global Corporate Governance Forum (GCGF) is an IFC multi-donor trust fund facility located in the IFC/World Bank Corporate Governance Department. The purpose of the Forum is to promote global, regional and local initiatives that improve corporate governance policy standards and practices in developing countries. The Forum aims to promote the private sector as an engine of growth, reduce the vulnerability of developing and transition economies to financial crises, and provide incentives for corporations to invest and perform efficiently, in a socially responsible manner. The Forum supports activities and research that address corporate governance weaknesses of middle income
and low-income countries in the context of broader national or regional economic reform programs. The research provides knowledge and empirical evidence relevant to the issues and challenges facing developing countries and companies undertaking reform. The activities promote sustainable economic growth and poverty reduction within the framework of agreed international development targets.
Asian Institute of Corporate Governance (AICG) at Korea University, Seoul, Korea, is a research institute that promotes research and education on corporate governance issues in emerging markets and Asia. It provides stimulating academic environment to encourage top-rated research on corporate governance, develops and provides policy measures and
implications, and provides training programs for business people and students. AICG has hosted international conferences on corporate governance semi-annually, and actively promotes international collaboration on the issues
Other Sponsors
MCCGP (The Millstein Institute of Corporate Governance and Performance at
Yale University)
Complementing GCGF, AICG and the sponsors, the two events are actively endorsed and supported by (alphabetically)
· CGFT (Corporate Governance Forum of Turkey at Sabanci University)
· ECGI (European Corporate Governance Institute)
· ICGN (International Corporate Governance Network)
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SHAREHOLDERS AND CORPORATE GOVERNANCE:
A RESEARCH AGENDA AND CONFERENCE
Yale University – Yale School of Management
Oxford University – Saïd Business School
CONFERENCE SUMMARY:
Much has changed in the almost 75 years since Berle and Means analyzed the consequences of separation between ownership and control in large business organizations. The changes, all of which impact investors, include securities laws, corporation laws, the organization of capital markets, the management of investment capital, the distribution of ownership rights between different stakeholders, information technologies, the global flow of capital, and the structure of enterprises themselves.
The 75th anniversary is an appropriate time for the Yale School of Management’s Millstein Center for Corporate Governance and Performance and the University of Oxford’s Saïd Business School to hold a conference to re-examine the role of the investor in the corporation under these changed and changing circumstances and ultimately whether these changes have or can impact the advancement of social welfare.
This conference, scheduled to take place at Oxford University in October 2007, will bring leading thinkers together to take stock and look to the future role of investors in the governance and performance of the corporation in society.
To avoid drawing inferences from a single historical observation, the research and conference will be based on a comparative analysis of the U.S. and U.K. The Conference will report the results of research studies on how law and regulation affect the incentives and the ability of investors, especially of institutional investors, to engage in active corporate governance in the U.K. and U.S. and whether those differences impact corporate performance. The Conference calls for a broad research agenda and will be open to relevant explorations not specifically mentioned in these pages.
TOPICS OF RESEARCH:The four primary topics for research include:
- Differences between the U.K. and the U.S. law and regulations: Exploration of the legal and regulatory environments of the two countries in order, and identification of how the differences impact governance practices of corporations;
- Consequences of differences in the behavior of investors in the two countries. Assessment of the effects on corporate performance of differences in investor behavior;
- Options for legal and market reforms that might provide a more appropriate level of shareholder activism. Assessment of the feasibility and consequences of alternative forms of law, regulation, disclosure and governance of corporations; and
- Economics of institutional investor activism in corporate governance. Evaluation of the social welfare implications (including on shareholder interests) of existing differences between the two countries, as well as the effect of possible changes to current arrangements.
SUBMISSION OF PROPOSALS:We invite scholars to submit one page abstracts of their research projects that fit into this broad research agenda by November 1, 2006. All identifying information should be removed from the abstract. There is no submission fee. The proposals will be reviewed in December 2006. A panel of scholars comprised of Yale and Oxford faculty will select approximately 10 papers for the Conference. Those selected will be notified in January 2007. The Conference organizers will pay for travel and room and board expenses during the conference for participants. Authors of the proposed papers may apply for a research grant of up to $10,000 to support research required to complete the paper to be presented at the Conference. Applicants seeking such support should attach an addendum to their proposal including a description and budget for such a grant.Completed papers will be expected by September 1, 2007. The conference is planned for October 2007. Cash prizes will be awarded for the outstanding papers.If you wish to have your paper considered for presentation at the conference, please submit your proposal electronically, as a Word or PDF document, via email to: Michele Grammatico Millstein Center for Corporate Governance and Performance CoordinatorMCCGP@yale.edu We look forward to an exciting conference and hope you will submit your paper for consideration.
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Workshop on Comparative Governance Systems
The Role of Financial Institutions in Corporate Governance: Lessons from Europe for the US?
Organizers:
Franklin Allen (Wharton, University of Pennsylvania)
Stijn Claessens (IMF Research Department, University of Amsterdam)
Enrico Perotti (University of Amsterdam, CIFRA)
Date: April 3-5, 2008
Location: Erice, Sicily, Italy
We are inviting submissions for research papers on the governance role of financial institutions, and more generally on comparative corporate governance issues. The goal is a highly interactive workshop, involving a small group of top researchers in the fields of governance, corporate finance, and banking. The paper presentations will be limited and considerable emphasis will be given to general interaction on the broad theme of comparative corporate governance. The main goal of the workshop will be to clarify whether Europe offers lessons for the U.S. given changes in U.S. ownership structures and corporate governance regulations. Papers on all aspects of corporate governance are welcome, with academic quality the determining criteria for acceptance. A selected number of PhD students focusing on the theme will be invited. The sponsors will cover economy class travel and local costs for all invited participants. Please send papers by November 15 to horowitt@wharton.upenn.edu. The acceptance decisions will be made by January 15. The conference will start with an evening reception April 3 and end midday April 5.
Sponsors:
Financial Institutions Center, Wharton School, Univ of Pennsylvania
The Millstein Center for Corporate Governance and Performance, Yale University
CIFRA (Amsterdam Center for Research in International Finance,